Ghana’s Petroleum Revenue Plummets in Second Half of 2024
Urgent Action Needed as Oil Revenue Takes a Hit
- Ghana's domestic petroleum revenue experienced a sharp decline of 62.63%
- Despite this drop, total annual revenue reached approximately US$1.3 trillion
- PIAC has urged the government to prioritize reversing this trend
Ghana’s domestic petroleum revenue experienced a sharp decline of 62.63% in the second half of 2024, according to the Bank of Ghana’s (BoG) Petroleum Funds Report.
Revenue totaled US$517 million, significantly less than the US$840.77 million recorded in the first half of the year.
Despite this drop, total annual revenue reached approximately US$1.3 trillion, making 2024 the highest annual revenue year since oil production began in 2011.
The H2 2024 revenue comprised US$369 million from five crude oil liftings, US$144 million in corporate taxes, US$74,000 in surface rental fees, and US$3.67 million in accrued interest.
Of the US$454 million allocated to the Ghana Petroleum Funds, US$136.2 million went to the Ghana Heritage Fund and US$317.8 million to the Ghana Stabilisation Fund.
While H1 2024 revenue showed a 55.6% increase compared to H1 2023, the overall trend reveals a concerning decline in oil production.
The Public Interest and Accountability Committee (PIAC) has consistently stressed the need for increased investment in exploration and regulatory reforms to attract capital.
In 2023, Ghana produced 48.2 million barrels of crude oil and 255,171.97 MMSCF of raw gas, with an average oil price of US$78.07 per barrel.
However, crude oil production has been declining for four consecutive years, averaging a 9.2% annual decrease.
PIAC has urged the government to prioritize reversing this trend by focusing on existing fields and investing in unexploited reserves to revitalize the petroleum sector.
